Canaccord Genuity Group Forecasts Strong Price Appreciation for Generac (NYSE:GNRC) Stock

Generac (NYSE:GNRC) had its target price boosted by equities researchers at Canaccord Genuity Group from $275.00 to $300.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 50.76% from the company’s previous close.

Several other equities analysts have also recently issued reports on the stock. Roth Mkm restated a “neutral” rating and issued a $220.00 price target on shares of Generac in a research report on Thursday, February 12th. Wells Fargo & Company lifted their price target on shares of Generac from $234.00 to $238.00 and gave the stock an “overweight” rating in a report on Thursday, March 26th. UBS Group restated a “buy” rating and issued a $270.00 price objective on shares of Generac in a report on Friday, February 13th. Bank of America lowered their target price on Generac from $260.00 to $248.00 and set a “buy” rating for the company in a research report on Thursday, March 26th. Finally, Robert W. Baird set a $292.00 target price on Generac in a report on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $229.94.

Generac Trading Up 1.9%

Generac stock traded up $3.66 during trading hours on Wednesday, hitting $198.99. The stock had a trading volume of 843,675 shares, compared to its average volume of 1,196,858. The business’s 50 day simple moving average is $201.91 and its 200-day simple moving average is $175.70. Generac has a one year low of $99.50 and a one year high of $241.09. The stock has a market cap of $11.68 billion, a price-to-earnings ratio of 74.25, a P/E/G ratio of 1.32 and a beta of 1.74. The company has a quick ratio of 1.00, a current ratio of 2.03 and a debt-to-equity ratio of 0.48.

Generac (NYSE:GNRC) last released its quarterly earnings data on Wednesday, February 11th. The technology company reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.81 by ($0.20). The firm had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.16 billion. Generac had a net margin of 3.79% and a return on equity of 14.55%. The business’s quarterly revenue was down 11.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.80 EPS. On average, equities analysts predict that Generac will post 8 EPS for the current fiscal year.

Insider Activity

In other news, CFO York A. Ragen sold 24,362 shares of the company’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $235.61, for a total value of $5,739,930.82. Following the sale, the chief financial officer directly owned 137,182 shares of the company’s stock, valued at approximately $32,321,451.02. This represents a 15.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Generac

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. boosted its position in Generac by 49.9% during the fourth quarter. Invesco Ltd. now owns 2,423,971 shares of the technology company’s stock valued at $330,557,000 after acquiring an additional 806,430 shares during the last quarter. State Street Corp lifted its stake in shares of Generac by 2.1% in the 2nd quarter. State Street Corp now owns 2,189,927 shares of the technology company’s stock valued at $313,619,000 after purchasing an additional 45,592 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Generac by 17.9% in the 3rd quarter. Victory Capital Management Inc. now owns 2,138,139 shares of the technology company’s stock valued at $355,530,000 after purchasing an additional 324,809 shares during the period. Boston Partners boosted its position in shares of Generac by 7.1% during the 3rd quarter. Boston Partners now owns 1,947,332 shares of the technology company’s stock valued at $326,003,000 after purchasing an additional 128,439 shares in the last quarter. Finally, Ariel Investments LLC boosted its position in shares of Generac by 11.7% during the 2nd quarter. Ariel Investments LLC now owns 1,804,595 shares of the technology company’s stock valued at $258,436,000 after purchasing an additional 188,717 shares in the last quarter. Institutional investors and hedge funds own 84.04% of the company’s stock.

Generac Company Profile

Generac Holdings Inc (NYSE: GNRC) is a leading manufacturer of backup power generation products for residential, commercial and industrial applications. The company offers a comprehensive portfolio of standby and portable generators, transfer switches and power management systems designed to provide reliable electricity during power outages and other critical situations. With an emphasis on innovation, Generac has expanded its offerings to include clean energy technologies such as battery storage and integrated solar-plus-storage systems.

Generac’s product lineup addresses a broad range of customer needs.